{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_8.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 22:45:57
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2017/2018 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2017
0     1     3.020e-14     2.842e-14     0
1     2414     4.420e-10     9.995e-10     5.109e-08
2     1611     4.404e-10     9.958e-10     5.090e-08
3     2239     4.399e-10     9.954e-10     5.084e-08
4     2051     4.409e-10     9.972e-10     5.086e-08
5     1689     4.408e-10     9.971e-10     5.082e-08
6     1894     4.405e-10     9.964e-10     5.080e-08
2017
0     1     2.309e-14     2.487e-14     0
1     2455     4.427e-10     9.996e-10     5.079e-08
2     1773     4.429e-10     9.997e-10     5.081e-08
3     1750     4.434e-10     9.997e-10     5.091e-08
4     2156     4.439e-10     9.970e-10     5.122e-08
5     1838     4.439e-10     9.983e-10     5.129e-08
6     1551     4.437e-10     9.976e-10     5.126e-08
2017
0     1     1.954e-14     2.398e-14     7.994e-15
1     1947     4.414e-10     9.979e-10     5.057e-08
2     1611     4.423e-10     9.997e-10     5.062e-08
3     1606     4.418e-10     9.966e-10     5.030e-08
4     1755     4.367e-10     9.975e-10     4.934e-08
5     1708     4.372e-10     9.963e-10     4.930e-08
6     1701     4.382e-10     9.982e-10     4.940e-08
2018
0     1     3.020e-14     3.286e-14     6.217e-15
1     2292     4.246e-10     9.983e-10     4.352e-08
2     1591     4.232e-10     9.951e-10     4.338e-08
3     2153     4.148e-10     9.967e-10     4.243e-08
4     2070     4.171e-10     9.977e-10     4.244e-08
5     1871     4.168e-10     9.970e-10     4.239e-08
6     1894     4.164e-10     9.961e-10     4.239e-08
2018
0     1     2.309e-14     2.665e-14     1.776e-15
1     2232     4.285e-10     9.985e-10     4.344e-08
2     1668     4.274e-10     9.957e-10     4.333e-08
3     1760     4.343e-10     9.998e-10     4.412e-08
4     2029     4.311e-10     9.987e-10     4.416e-08
5     1681     4.303e-10     9.984e-10     4.417e-08
6     1481     4.309e-10     9.996e-10     4.424e-08
2018
0     1     2.309e-14     2.665e-14     1.776e-15
1     1838     4.260e-10     9.986e-10     4.307e-08
2     1540     4.268e-10     9.988e-10     4.300e-08
3     1952     4.078e-10     9.986e-10     4.061e-08
4     1909     4.138e-10     9.960e-10     4.039e-08
5     1690     4.161e-10     9.962e-10     4.036e-08
6     1640     4.177e-10     9.993e-10     4.048e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_8.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res} 1 Nov 2025, 00:46:58
{txt}{.-}
{smcl}
{txt}{sf}{ul off}